REGISTERED NUMBER: SC299016 (Scotland)

ABERCORN DAIRIES LTD.

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Naismith

J Fraser

SECRETARY:

G Naismith

REGISTERED OFFICE:

11 Portland Road

Kilmarnock

Ayrshire

KA1 2BT

BUSINESS ADDRESS:

Unit 22

Abercorn Street

Paisley

Renfrewshire

PA3 4AY

REGISTERED NUMBER:

SC299016 (Scotland)

ACCOUNTANTS:

JRD Partnership Ltd

Chartered Accountants

11 Portland Road

Kilmarnock

Ayrshire

KA1 2BT

BANKERS:

Bank of Scotland

The Cross

Paisley

PA1 1DB

FIXED ASSETS

Intangible assets

4

26,873

33,363

Tangible assets

5

73,473

70,482

100,346

103,845

CURRENT ASSETS

Stocks

5,186

4,600

Debtors

6

55,529

77,148

Cash at bank

13,760

2,754

74,475

84,502

CREDITORS

Amounts falling due within one year

7

109,779

155,749

NET CURRENT LIABILITIES

(35,304

)

(71,247

)

TOTAL ASSETS LESS CURRENT LIABILITIES

65,042

32,598

CREDITORS

Amounts falling due after more than one year

8

(28,437

)

(16,679

)

PROVISIONS FOR LIABILITIES

(14,695

)

(14,096

)

NET ASSETS

21,910

1,823

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

21,908

1,821

SHAREHOLDERS' FUNDS

21,910

1,823

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 5th July 2017 and were signed on its behalf by:

G Naismith - Director

J Fraser - Director

1.	STATUTORY INFORMATION

Abercorn Dairies Ltd. is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses from third parties, is being

amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

and 31st March 2017

127,644

AMORTISATION

At 1st April 2016

94,281

Charge for year

6,490

At 31st March 2017

100,771

NET BOOK VALUE

At 31st March 2017

26,873

At 31st March 2016

33,363

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2016

146,846

Additions

34,921

Disposals

(15,845

)

At 31st March 2017

165,922

DEPRECIATION

At 1st April 2016

76,364

Charge for year

23,203

Eliminated on disposal

(7,118

)

At 31st March 2017

92,449

NET BOOK VALUE

At 31st March 2017

73,473

At 31st March 2016

70,482

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st April 2016

93,135

Additions

33,880

Disposals

(15,845

)

Transfer to ownership

(49,500

)

At 31st March 2017

61,670

DEPRECIATION

At 1st April 2016

41,759

Charge for year

13,681

Eliminated on disposal

(7,118

)

Transfer to ownership

(27,693

)

At 31st March 2017

20,629

NET BOOK VALUE

At 31st March 2017

41,041

At 31st March 2016

51,376

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

30,510

35,442

Other debtors

25,019

41,706

55,529

77,148

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

18,223

17,299

Trade creditors

31,386

125,188

Taxation and social security

9,735

10,538

Other creditors

50,435

2,724

109,779

155,749

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

28,437

16,679

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £10,000 were paid to the directors .

G Naismith, director, has advanced the company an interest free loan of £20,657 and J Fraser, director, has

advanced the company an interest free loan of £27,537. There are no fixed terms of repayment.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are G Naismith and J Fraser.